We may think this money would serve us throughout our retirement — even if we live to be over 100. Tack on Social Security benefits and yowsers, that could be one luxurious retirement, right?
But here’s the reality. Even $1.5 million in savings, along with Social Security benefits, which average $1,877 per month, per person, $1.5 million will run out. It’s just a matter of when. Where you live plays a key role in how far your money will go.
Total cost of living, after Social Security benefits, for one person, annually: $61,406
Years until you deplete $1.25m in savings, without Social Security benefits: 14.89
Years until you deplete $1.25m in savings, after Social Security benefits: 20.36
48. Massachusetts
Total cost of living annually: $74,209
Total cost of living, after Social Security benefits, for one person, annually: $51,686
Years until you deplete $1.25m in savings, without Social Security benefits: 16.84
Years until you deplete $1.25m in savings, after Social Security benefits: 24.18
47. Washington
Total cost of living annually: $68,152
Total cost of living, after Social Security benefits, for one person, annually: $45,629
Years until you deplete $1.25m in savings, without Social Security benefits: 18.34
Years until you deplete $1.25m in savings, after Social Security benefits: 27.39
46. New Jersey
Total cost of living annually: $63,839
Total cost of living, after Social Security benefits, for one person, annually: $41,315
Years until you deplete $1.25m in savings, without Social Security benefits: 19.58
Years until you deplete $1.25m in savings, after Social Security benefits: 30.26
45. Colorado
Total cost of living annually: $62,282
Total cost of living, after Social Security benefits, for one person, annually: $39,759
Years until you deplete $1.25m in savings, without Social Security benefits: 20.07
Years until you deplete $1.25m in savings, after Social Security benefits: 31.44
44. New Hampshire
Total cost of living annually: $60,575
Total cost of living, after Social Security benefits, for one person, annually: $38,052
Years until you deplete $1.25m in savings, without Social Security benefits: 20.64
Years until you deplete $1.25m in savings, after Social Security benefits: 32.85
43. Utah
Total cost of living annually: $60,321
Total cost of living, after Social Security benefits, for one person, annually: $37,797
Years until you deplete $1.25m in savings, without Social Security benefits: 20.72
Years until you deplete $1.25m in savings, after Social Security benefits: 33.07
42. Oregon
Total cost of living annually: $59,869
Total cost of living, after Social Security benefits, for one person, annually: $37,346
Years until you deplete $1.25m in savings, without Social Security benefits: 20.88
Years until you deplete $1.25m in savings, after Social Security benefits: 33.47
41. Rhode Island
Total cost of living annually: $59,443
Total cost of living, after Social Security benefits, for one person, annually: $36,920
Years until you deplete $1.25m in savings, without Social Security benefits: 21.03
Years until you deplete $1.25m in savings, after Social Security benefits: 33.86
40. Alaska
Total cost of living annually: $58,376
Total cost of living, after Social Security benefits, for one person, annually: $35,853
Years until you deplete $1.25m in savings, without Social Security benefits: 21.41
Years until you deplete $1.25m in savings, after Social Security benefits: 34.87
39. New York
Total cost of living annually: $57,094
Total cost of living, after Social Security benefits, for one person, annually: $34,570
Years until you deplete $1.25m in savings, without Social Security benefits: 21.89
Years until you deplete $1.25m in savings, after Social Security benefits: 36.16
38. Connecticut
Total cost of living annually: $56,636
Total cost of living, after Social Security benefits, for one person, annually: $34,113
Years until you deplete $1.25m in savings, without Social Security benefits: 22.07
Years until you deplete $1.25m in savings, after Social Security benefits: 36.64
37. Nevada
Total cost of living annually: $54,856
Total cost of living, after Social Security benefits, for one person, annually: $32,332
Years until you deplete $1.25m in savings, without Social Security benefits: 22.79
Years until you deplete $1.25m in savings, after Social Security benefits: 38.66
36. Idaho
Total cost of living annually: $54,812
Total cost of living, after Social Security benefits, for one person, annually: $32,289
Years until you deplete $1.25m in savings, without Social Security benefits: 22.81
Years until you deplete $1.25m in savings, after Social Security benefits: 38.71
35. Montana
Total cost of living annually: $54,174
Total cost of living, after Social Security benefits, for one person, annually: $31,651
Years until you deplete $1.25m in savings, without Social Security benefits: 23.07
Years until you deplete $1.25m in savings, after Social Security benefits: 39.49
34. Maryland
Total cost of living annually: $53,824
Total cost of living, after Social Security benefits, for one person, annually: $31,301
Years until you deplete $1.25m in savings, without Social Security benefits: 23.22
Years until you deplete $1.25m in savings, after Social Security benefits: 39.94
33. Arizona
Total cost of living annually: $53,739
Total cost of living, after Social Security benefits, for one person, annually: $31,215
Years until you deplete $1.25m in savings, without Social Security benefits: 23.26
Years until you deplete $1.25m in savings, after Social Security benefits: 40.04
32. Maine
Total cost of living annually: $52,717
Total cost of living, after Social Security benefits, for one person, annually: $30,194
Years until you deplete $1.25m in savings, without Social Security benefits: 23.71
Years until you deplete $1.25m in savings, after Social Security benefits: 41.40
31. Vermont
Total cost of living annually: $52,545
Total cost of living, after Social Security benefits, for one person, annually: $30,022
Years until you deplete $1.25m in savings, without Social Security benefits: 23.79
Years until you deplete $1.25m in savings, after Social Security benefits: 41.64
30. Florida
Total cost of living annually: $51,885
Total cost of living, after Social Security benefits, for one person, annually: $29,362
Years until you deplete $1.25m in savings, without Social Security benefits: 24.09
Years until you deplete $1.25m in savings, after Social Security benefits: 42.57
29. Virginia
Total cost of living annually: $51,440
Total cost of living, after Social Security benefits, for one person, annually: $28,916
Years until you deplete $1.25m in savings, without Social Security benefits: 24.30
Years until you deplete $1.25m in savings, after Social Security benefits: 43.23
28. Delaware
Total cost of living annually: $50,442
Total cost of living, after Social Security benefits, for one person, annually: $27,919
Years until you deplete $1.25m in savings, without Social Security benefits: 24.78
Years until you deplete $1.25m in savings, after Social Security benefits: 44.77
27. Wyoming
Total cost of living annually: $47,359
Total cost of living, after Social Security benefits, for one person, annually: $24,836
Years until you deplete $1.25m in savings, without Social Security benefits: 26.39
Years until you deplete $1.25m in savings, after Social Security benefits: 50.33
26. Minnesota
Total cost of living annually: $47,178
Total cost of living, after Social Security benefits, for one person, annually: $24,654
Years until you deplete $1.25m in savings, without Social Security benefits: 26.50
Years until you deplete $1.25m in savings, after Social Security benefits: 50.70
25. North Carolina
Total cost of living annually: $45,952
Total cost of living, after Social Security benefits, for one person, annually: $23,429
Years until you deplete $1.25m in savings, without Social Security benefits: 27.20
Years until you deplete $1.25m in savings, after Social Security benefits: 53.35
24. Georgia
Total cost of living annually: $45,730
Total cost of living, after Social Security benefits, for one person, annually: $23,206
Years until you deplete $1.25m in savings, without Social Security benefits: 27.33
Years until you deplete $1.25m in savings, after Social Security benefits: 53.86
23. Wisconsin
Total cost of living annually: $44,672
Total cost of living, after Social Security benefits, for one person, annually: $22,148
Years until you deplete $1.25m in savings, without Social Security benefits: 27.98
Years until you deplete $1.25m in savings, after Social Security benefits: 56.44
22. Texas
Total cost of living annually: $43,678
Total cost of living, after Social Security benefits, for one person, annually: $21,155
Years until you deplete $1.25m in savings, without Social Security benefits: 28.62
Years until you deplete $1.25m in savings, after Social Security benefits: 59.09
21. South Dakota
Total cost of living annually: $43,597
Total cost of living, after Social Security benefits, for one person, annually: $21,074
Years until you deplete $1.25m in savings, without Social Security benefits: 28.67
Years until you deplete $1.25m in savings, after Social Security benefits: 59.32
20. New Mexico
Total cost of living annually: $43,499
Total cost of living, after Social Security benefits, for one person, annually: $20,976
Years until you deplete $1.25m in savings, without Social Security benefits: 28.74
Years until you deplete $1.25m in savings, after Social Security benefits: 59.59
19. South Carolina
Total cost of living annually: $43,119
Total cost of living, after Social Security benefits, for one person, annually: $20,595
Years until you deplete $1.25m in savings, without Social Security benefits: 28.99
Years until you deplete $1.25m in savings, after Social Security benefits: 60.69
18. Tennessee
Total cost of living annually: $42,990
Total cost of living, after Social Security benefits, for one person, annually: $20,466
Years until you deplete $1.25m in savings, without Social Security benefits: 29.08
Years until you deplete $1.25m in savings, after Social Security benefits: 61.08
17. Illinois
Total cost of living annually: $42,461
Total cost of living, after Social Security benefits, for one person, annually: $19,937
Years until you deplete $1.25m in savings, without Social Security benefits: 29.44
Years until you deplete $1.25m in savings, after Social Security benefits: 62.70
16. North Dakota
Total cost of living annually: $41,530
Total cost of living, after Social Security benefits, for one person, annually: $19,006
Years until you deplete $1.25m in savings, without Social Security benefits: 30.10
Years until you deplete $1.25m in savings, after Social Security benefits: 65.77
15. Pennsylvania
Total cost of living annually: $41,497
Total cost of living, after Social Security benefits, for one person, annually: $18,974
Years until you deplete $1.25m in savings, without Social Security benefits: 30.12
Years until you deplete $1.25m in savings, after Social Security benefits: 65.88
14. Nebraska
Total cost of living annually: $40,696
Total cost of living, after Social Security benefits, for one person, annually: $18,172
Years until you deplete $1.25m in savings, without Social Security benefits: 30.72
Years until you deplete $1.25m in savings, after Social Security benefits: 68.79
13. Indiana
Total cost of living annually: $39,349
Total cost of living, after Social Security benefits, for one person, annually: $16,826
Years until you deplete $1.25m in savings, without Social Security benefits: 31.77
Years until you deplete $1.25m in savings, after Social Security benefits: 74.29
12. Michigan
Total cost of living annually: $39,085
Total cost of living, after Social Security benefits, for one person, annually: $16,561
Years until you deplete $1.25m in savings, without Social Security benefits: 31.98
Years until you deplete $1.25m in savings, after Social Security benefits: 75.48
11. Missouri
Total cost of living annually: $38,927
Total cost of living, after Social Security benefits, for one person, annually: $16,403
Years until you deplete $1.25m in savings, without Social Security benefits: 32.11
Years until you deplete $1.25m in savings, after Social Security benefits: 76.20
10. Ohio
Total cost of living annually: $38,622
Total cost of living, after Social Security benefits, for one person, annually: $16,099
Years until you deplete $1.25m in savings, without Social Security benefits: 32.36
Years until you deplete $1.25m in savings, after Social Security benefits: 77.65
9. Kansas
Total cost of living annually: $37,839
Total cost of living, after Social Security benefits, for one person, annually: $15,315
Years until you deplete $1.25m in savings, without Social Security benefits: 33.04
Years until you deplete $1.25m in savings, after Social Security benefits: 81.62
8. Iowa
Total cost of living annually: $37,682
Total cost of living, after Social Security benefits, for one person, annually: $15,158
Years until you deplete $1.25m in savings, without Social Security benefits: 33.17
Years until you deplete $1.25m in savings, after Social Security benefits: 82.46
7. Alabama
Total cost of living annually: $37,398
Total cost of living, after Social Security benefits, for one person, annually: $14,874
Years until you deplete $1.25m in savings, without Social Security benefits: 33.42
Years until you deplete $1.25m in savings, after Social Security benefits: 84.04
6. Kentucky
Total cost of living annually: $36,980
Total cost of living, after Social Security benefits, for one person, annually: $14,456
Years until you deplete $1.25m in savings, without Social Security benefits: 33.80
Years until you deplete $1.25m in savings, after Social Security benefits: 86.47
5. Oklahoma
Total cost of living annually: $36,571
Total cost of living, after Social Security benefits, for one person, annually: $14,048
Years until you deplete $1.25m in savings, without Social Security benefits: 34.18
Years until you deplete $1.25m in savings, after Social Security benefits: 88.98
4. Louisiana
Total cost of living annually: $35,588
Total cost of living, after Social Security benefits, for one person, annually: $13,065
Years until you deplete $1.25m in savings, without Social Security benefits: 35.12
Years until you deplete $1.25m in savings, after Social Security benefits: 95.68
3. Arkansas
Total cost of living annually: $35,523
Total cost of living, after Social Security benefits, for one person, annually: $13,000
Years until you deplete $1.25m in savings, without Social Security benefits: 35.19
Years until you deplete $1.25m in savings, after Social Security benefits: 96.16
2. Mississippi
Total cost of living annually: $33,996
Total cost of living, after Social Security benefits, for one person, annually: $11,473
Years until you deplete $1.25m in savings, without Social Security benefits: 36.77
Years until you deplete $1.25m in savings, after Social Security benefits: 108.96
1. West Virginia
Total cost of living annually: $33,786
Total cost of living, after Social Security benefits, for one person, annually: $11,263
Years until you deplete $1.25m in savings, without Social Security benefits: 37.00
Years until you deplete $1.25m in savings, after Social Security benefits: 110.98
Methodology: For this study, GOBankingRates analyzed each U.S, state to find out how long $1,250,000 in retirement savings plus Social Security benefits lasts in each state. For each state a number of factors were found including; total population, population ages 65 and over, total households, and household median income all sourced from the U.S. Census American Community Survey. Using this data the percentage of the population ages 65 and over can be calculated. The cost of living indexes were sourced from Missouri’s Economic and Research Information Center and include the grocery, healthcare, housing, utilities, transportation, and miscellaneous cost of living indexes. Using the cost of living indexes and the national average expenditure costs for retired residents, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location can be calculated. The average single family home value from November 2024 was sourced from Zillow Home Value Index for each state. Using the average single family home value, assuming a 10% downpayment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living can be calculated. The average Social Security benefits for one person was sourced from the Social Security Administration’s Monthly Statistical Snapshot for November 2024. Using the monthly total cost of living and the average Social Security benefits, the monthly total cost of living after Social Security benefits can be calculated. Using this figure we can calculate the annual cost of living after Social Security benefits. Assuming a retirement savings of $1,250,000 as well as the previous cost of living data, the drawdown time can be calculated for each state. The data was collected on and is up to date as of Jan. 6, 2024.
